A) Authority given in writing to an agent in the agency agreement Sharon is the policyowner of a $500,000 life insurance policy. An applicants character and personal habits can be obtained for underwriting purposes from which source? A life insurance contract guarantees to the beneficiary not only a death benefit, but a payment of a sum of money in perpetuity, called a death benefit for that purpose of insurance coverage. What is the purpose for having an accelerated death benefit on a life insurance policy? A) Unilateral Because of this, an insurance contract is considered How do insurers predict the increase of individual risks? Connect with others, with spontaneous photos and videos, and random live-streaming. What is the meaning of par value of stock with respect to the corporate form of organization? A life insurance policyowner does NOT have the right to, Fixed annuities provide each of the following EXCEPT. discreet apparent implied express, Bob and Tom start a business. A) there must be an offer and acceptance It is a government agency that collects medical information on the insured from the insurance companies C. It is a member organization that protects against insolvent insurers D. Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? unilateral, Ambiguities in an insurance policy are always resolved in favor of the A. C) Law of large numbers A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Adjustable whole life Universal life Decreasing term life Limited whole life, Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? b. benefits paid under workers compensation. C) Charge more premium Cash surrender Extended term insurance Reduced paid-up insurance Life income annuity, Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Eventually, they retire and dissolve the business. Which of the following statements is TRUE? C) representation This is also known as a non-negotiable insurance contract, or an automatic contract. Both partners are still married at the time of Bob's death. This is an example of: An example of unfair discrimination would be, When an insurer charges a higher rate for insurance based on an insureds race, religion, or national origin, Fixed period settlement options are considered to be a form of a(n). According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan Asked 10/6/2017 7:04:21 AM. B) only an offer However, corporations also can raise money by selling bonds or issuing additional shares of stock. A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals Authority given to handle claims and process payments Required fields are marked *. A) Insurable interest If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. be filed with the state Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? D) legal reserve, In an insurance contract, the element that shows each party is giving something of value is called Which contract element is insurable interest a component of? Sister and brother One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. James is the insured on a life insurance policy where his age was misstated on the application. A contract that requires certain conditions or acts by the insured individual. Which of the following would be a valid reason why a policy premium would be higher than the standard premium? performance is conditioned upon a future occurrence. c) a contract must be in writing. B. Only the insured pays the premium A) One party is restored to the same financial position the party was in before the loss occurred. Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. Producers act in a(n) ________ capacity when holding insurance premiums. B) NAIC All of the following are considered appropriate uses if life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, Level premium permanent insurance accumulates a reserve that will eventually. C) Law of Agency Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. It is the means by which one or more parties bind themselves to certain promises. A. Plot this function and determine if she is ready to attempt the Bluenose Marathon. B) acceptance Parent and children Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? Accelerated death benefit An example of an unfair claims practice would be Which Of The Following Best Describes A Conditional Insurance Contract. Competent parties 3. Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. insurer B) guarantee Business partners promises made Conditional, Under a contract of adhesion, conditional A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party adheres to the terms of the contract D) A contract where only one party makes any kind of enforceable contract. D) Personal contract, The importance of a representation is demonstrated in what rule? C) at the time of death producer A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3 Easter Powerpoint Backgrounds,
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